Truist Financial Corporation announced Monday the completion of the merger between BB&T Corporation and SunTrust Banks, Incorporated, effective December 6, 2019.
The merger was announced on February 7, 2019, and final regulatory approvals were received on November 19, 2019.
Truist Chairman and CEO Kelly King says the merger is a historic moment for Truist – a financial services organization created from two companies with shared values and a deep commitment to building a better future for their clients and communities. He adds the completion of this merger of equals is a tremendous achievement and a testament to the thousands of Truist teammates who have diligently worked to ensure its timely conclusion.
With Truist, King notes they are creating a new company with a bold, transformative vision to increase investment in innovative technology and create a distinctive teammate and client experience.
For now, clients will continue to be served through their respective BB&T or SunTrust branches, websites, mobile apps, financial advisors and relationship managers. Clients can now use BB&T and SunTrust ATMs to make withdrawals without incurring out-of-network fees.
Officials say the transition to the full Truist experience will occur as systems are integrated over the next two years. There will be no merger-related changes to account numbers or routing numbers for checking, savings, and money market accounts for the vast majority of clients. As a result, officials note most clients won’t need to order new checks or make changes to direct deposits, automatic drafts or wire instructions related to these accounts.
Truist, headquartered in North Carolina, is the sixth-largest U.S. commercial bank and serves approximately 10 million households with a leading market share in many of the most attractive, high-growth markets in the country.
BB&T operates branches in Hopkinsville, Eddyville, Murray, Russellville and other locations in Kentucky.
